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Key definition
ICMA definition

What does ICMA mean? ICMA is the International Capital Market Association, a trade association and standard‑setter for the international debt capital markets. In practice, references to “ICMA” signal the market guidance, rules and template documentation commonly used in bond issuances and repo transactions. ICMA is not a statutory regulator and the term is not defined in legislation or case law. Its standards are voluntary but become binding where incorporated by reference into contracts (for example, underwriting/subscription agreements, bond T&Cs or repo master agreements). Key ICMA materials include: the Primary Market Handbook (covering bookbuilding, allocation, investor representations and standard stabilisation wording), the Rules and Recommendations for the...

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ICMA news and documents tracker: market standards, templates, legal opinions and regulatory developments (2017–2026)

Practice notes
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This Practice Note offers a digest of recent and revised materials issued by the International Capital Markets Association (ICMA). It is routinely refreshed and reviewed, and spans publications from January 2017 onwards. Information here is also cross‑referenced within the relevant Practice Notes in Banking & Finance. The ICMA items mentioned in this Practice Note first appeared on the ICMA website (full access requires a subscription). Commentary and linked materials are supplied by Lexis+® UK Banking & Finance.

2026 Date of update/announcement from ICMA

ICMA news

30 April 2026

ICMA publishes Digital Bonds Annex to GMRA documentation suite

Why?

ICMA has unveiled a Digital Bonds Annex to complement its Global Master Repurchase Agreement (GMRA) documentation set. This addition widens the GMRA architecture to encompass trades in digital bonds, building upon the earlier Digital Assets Annex released in August 2024, which provides standardised terms for repo deals involving digital cash, digital securities and asset‑backed digital assets. The Digital Bonds Annex was produced by ICMA’s Digital Assets Legal Working Group in partnership with the International Securities Lending Association, responding to requests from members. It defines ‘digital bond’ to include natively issued digital...

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Web page updated on 28/05/2026

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